With the “Big Beautiful Bill” now signed into law, the U.S. enters a new phase of fiscal expansion—one defined less by restraint and more by velocity. The bill’s front-loaded tax breaks, defense outlays, and industrial incentives are expected to push the national debt past $50 trillion by 2032. Trump’s strategy, echoed across Wall Street, is clear: spark a demand boom now and deal with inflation or deficits later. As One River’s Eric Peters put it, the administration has “decided to go for broke and pump this economy into a boom to grow our way out of debt.”
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Markets, for now, appear to welcome the approach. The dollar has slumped double digits year-to-date, gold just posted its strongest first half since 1979, and global equities ex-U.S. are riding a surge in capital rotation. Behind it all is a coordinated chase for real assets and growth proxies, driven by the view that the U.S. is entering an intentional era of engineered reflation. Whether it’s sustainable—or sets the stage for a more volatile unwind—remains to be seen.

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